Credit Card Basics
This type of card lets you borrow money to make purchases and repay the issuer later.
What is a credit card?
This is the price you pay for borrowing money.
What is interest?
Unlike a credit card, this card takes money directly from your bank account.
What is a debit card?
APR stands for this.
What is annual percentage rate?
This term means the maximum amount you can borrow on your credit card.
What is a credit limit?
Using the presentation’s approximation, a 24% APR equals this monthly interest rate.
What is 2%?
With a $2,000 credit limit and a $650 current balance, you have this much available credit.
What is $1,350?
A person who pays the statement balance in full each month is called this, while someone who carries a balance is called a revolver.
What is a convenience user?